BitMine faces over $4B unrealized losses as Ethereum drops below $3,000

BitMine, holding nearly 3.6 million ETH (2.97% of circulating supply), confronts $3.7B to $4.18B in paper losses after Ethereum fell over 27% in one month. The Digital Asset Treasury sector faces systemic pressure as the firm's market-value-to-net-asset-value ratio drops to 0.75, signaling a discount that eliminates its ability to raise capital through equity issuance.